Bard Associates provides financial planning, portfolio management for individuals and small businesses, and portfolio management for pooled vehicles. Financial planning was provided to 1–10 clients last fiscal year. The firm advises 1 private fund.
Bard Associates reports 181 clients. They include 93 high-net-worth individuals, 87 individual clients and 1 pooled investment vehicle. Of its assets, 100.0% ($416M across 388 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 48% | 8% |
| High-net-worth individuals | 51% | 88% |
| Pooled investment vehicles | <1% | 5% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 87 | $32.3M | 7.8% | $371K |
| High-net-worth individuals | 93 | $365M | 87.6% | $3.92M |
| Pooled investment vehicles | 1 | $19.2M | 4.6% | $19.2M |
| Total | 181 | $416M | 100% | $2.3M |
- Clients
- 87
- Regulatory AUM
- $32.3M
- AUM share
- 7.8%
- Avg. per client
- $371K
- Clients
- 93
- Regulatory AUM
- $365M
- AUM share
- 87.6%
- Avg. per client
- $3.92M
- Clients
- 1
- Regulatory AUM
- $19.2M
- AUM share
- 4.6%
- Avg. per client
- $19.2M
Total
- Clients
- 181
- Regulatory AUM
- $416M
- AUM share
- 100%
- Avg. per client
- $2.3M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 1
- Financial planning clients last fiscal year
- 1–10
Bard Associates charges 0.50%–1.00% a year for its Investment advisory service. Each asset band is charged at its own rate. The fee is billed in advance.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.00% |
| $1M–$2M | 0.90% |
| $2M–$3M | 0.80% |
| $3M–$4M | 0.70% |
| $4M–$5M | 0.60% |
| $5M and above | 0.50% |
Fee details and sources
Michael Demaray owns 75% or more of Bard Associates. The leadership team of Bard Associates includes President Michael Demaray and Chief Compliance Officer Randy Heinig. It has 10 employees, 4 of them in advisory roles.
Leadership
Michael DemarayPresident- Randy HeinigChief Compliance Officer
- Timothy JohnsonTreasurer
Investment adviser representatives
3 representatives listed in the SEC register as of 9 October 2026.
Staff
- 10 employees
- 4 in advisory functions
- 2 state-registered reps
- Owns 75% or more of Bard Associates Inc
Michael Demaray
Control person · since January 2024
Bard Associates’ regulatory assets grew from $329M (March 2021) to $416M (May 2026); clients were 181 in both filings and employees rose from 9 to 10.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| May 2026 | $416M | 181 | 10 | 1 |
| March 2025 | $385M | 183 | 10 | 1 |
| March 2024 | $337M | 180 | 9 | 1 |
| March 2023 | $310M | 180 | 9 | 1 |
| March 2022 | $394M | 181 | 9 | 1 |
| March 2021 | $329M | 174 | 9 | 1 |
Besides its headquarters, Bard Associates has 0 offices, with 1 listed address in Illinois.
Illinois · 1 listed address
- 233 South Wacker Drive, Suite 4400, ChicagoHQ
Contact and registration details
- Legal name
- Bard Associates Inc
- Headquarters
- 233 South Wacker Drive, Suite 4400, Chicago, IL 60606
- Website
- bardassociates.com
- Phone
- 312-782-9600
- @bard-associates-inc.
- SEC file
- 801-28820
- Founded
- 1983
- Structure
- Illinois corporation
- Fiscal year end
- December
Bard Associates uses Fidelity ($231M, 58%) and Charles Schwab ($164M, 42%) as custodians for its separately managed accounts. Bard Associates has custody of $1.81M in client assets for 3 clients.
- Charles SchwabCharles Schwab & Co., Inc. · West Lake, TX · $164M42%
- FidelityFidelity Brokerage Services LLC · Boston, MA · $231M58%
At year end, Bard Associates’ separately managed accounts were mostly in stocks (87%) and funds (11%). Its reported 13F holdings for the quarter ended 31 March 2026 total $398M across 292 positions; the largest are Janus Detroit Str TR (6.3%), iShares TR (5.3%) and Flaherty & Crumrin Pfd & Inm (4.7%).
What the accounts hold
- Stocks87%
- Funds11%
- Cash2%
Reported 13F holdings
- $398M
- Reported 13F value
- 292
- Positions
- 36.4%
- In the 10 largest
- —
- Value vs. prior quarter
- Janus Detroit Str TR · Hendrson Aaa CL6.3%
- iShares TR · Pfd And Incm Sec5.3%
- Flaherty & Crumrin Pfd & Inm4.7%
- Coherent Corp.3.2%
- Schwab Strategic TR · Sht TM US Tres3.1%
- Vanguard Index Fds · Real Estate ETF3.1%
- iShares TR · Residential Mult3.1%
- Mamas Creations Inc.2.7%
- Ensign Group Inc.2.5%
- Tortoise Energy Infrstrctr C2.5%
Together, the ten largest are 36.4% of reported value.
How many clients does Bard Associates have?
Bard Associates has 181 clients and manages $416 million for them, as of May 2026. They include 93 high-net-worth individuals, 87 individual clients and 1 pooled investment vehicle.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 22 May 2026
What services does Bard Associates offer?
Bard Associates provides financial planning, portfolio management for individuals and small businesses, and portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Bard Associates charge?
Bard Associates charges 0.50%–1.00% a year for its Investment advisory service. Each asset band is charged at its own rate. The fee is billed in advance.
Which custodians does Bard Associates use?
Bard Associates’ separately managed account assets are held at Fidelity Brokerage Services LLC (Boston, MA), with $231M and Charles Schwab & Co., Inc. (West Lake, TX), with $164M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 22 May 2026
How many financial advisors does Bard Associates have?
Bard Associates has 2 investment adviser representatives registered with state securities authorities, out of 10 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Bard Associates invest in?
At the end of its last fiscal year, Bard Associates’ separately managed accounts held 87% exchange-traded equities, 11% registered funds (mutual funds, ETFs, BDCs) and 2% cash and equivalents. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Bard Associates?
Bard Associates’ direct owner is Michael Demaray (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 22 May 2026
How does Bard Associates get paid?
Bard Associates is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Bard Associates registered with the SEC?
Yes, Bard Associates has been registered with the SEC as an investment adviser since 6 February 1987. Its CRD number is 104984 and its SEC file number is 801-28820.
Source: Form ADV Part 1A, Item 1, filed 22 May 2026; IAPD firm record
How do I contact Bard Associates?
Bard Associates’ main office is at 233 South Wacker Drive, Suite 4400, Chicago, IL 60606. Its phone number is 312-782-9600. Its website is bardassociates.com.